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The REO is listed at a much higher $ price than the bank loan that was on the property...why?

Contributions: 2

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:2

It is my understanding that the bank is only trying to recover their loss.... not make a pprofit....is the price being set by a listing agent? What is going on?

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August 31 2009 - Tehachapi

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Nicaury Miller, "nicaurymiller"
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Nicaury Miller, "nicaurymiller"

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oh, yes they are trying to make a profit in NJ the owner does not get any money back if there is a profit on the property-I really don't think a profit will be made.

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August 31 2009

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I don't known for sure, what i'm heard from my agent at long time ago, he tell to me that, CA law said, after sell the foreclosure house, the remain of the money (after deduct the fee and mortgage balance) had to be return to the previous owner. however in my mind, it's unlikely there is any money left after the transaction.

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August 31 2009

Pherris
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Pherris

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Hoang, are you even talking about REO (real estate owned)? That sounds like a different scenario you're describing.

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August 31 2009

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"That... and, yes, they are still trying to make a profit".
No, they don't try to make the profit, after deducts all things, the remain of the money the bank must return to the previous homeowner, the reason for the listing price higher than mortgage balance amount is beside of as same as Bill Cribb said, there is 2nd mortgage on the house, which is compile of total amount must greater than home value, that why the homeowner gives it up to the bank.
Some time the 1st and 2nd mortgage are at same bank.

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August 31 2009

FriendshipProperties
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FriendshipProperties

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They're selling the property for around Market Value. Nothing wrong with that. Once they take title they can do whatever they like.

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August 31 2009

Pherris
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Pherris

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That... and, yes, they are still trying to make a profit. They are also trying to manipulate the prices by only letting some of the REO's out to the market.

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August 31 2009

Bill Cribb, "BestBuyBill"
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Bill Cribb, "BestBuyBill"

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The balance on the loan is not the total loss by the bank. The commission and closing cost to resale the propeerty. The attorney fees,
lost interest, and other internal cost can up the lost to the bank by many thousands of dollars.

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August 31 2009

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Question The REO is listed at a much higher $ price than the bank loan that was on the property...why?

Latest answer by Nicaury Miller
August 31 2009

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The REO is listed at a much higher $ price than the bank loan that was on the property...why?

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Question The REO is listed at a much higher $ price than the bank loan that was on the property...why?

Related Articles about Buying Foreclosures

Guide Bank Foreclosures versus FSBOs

Guide Things to know when buying a foreclosed property

Guide Foreclosure Primer

Guide Foreclosure Overview

Guide Foreclosure Eviction Techniques

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